“The most dangerous of all dependencies is depending on your powerful oppressor to free you and share power with you, because powerful people never train powerless people to take away their power.”

John Henrik Clarke

Introduction

The above quote from one of the towering giants of Afrocentric thought, the late John Henrik Clarke, speaks to the reality of current power relations between Caucasians and Africans. Let’s modify this quote in light of the theme of this paper, black financial empowerment.

“The most dangerous of all dependencies is depending on your rich oppressor to free you and share the wealth with you, because rich people (and nations) never train poor people (and nations) to take their wealth away.”

John Henrik Clarke adapted by Paul Ifayomi Grant

Africans need to be shaken out of our ‘awake coma’ and face the harsh realities of the world we find ourselves in. No one but ourselves is going to change our generally pitiful economic condition. This is a fiercely competitive world in which different groups compete with each other, while many of us are locked into an individualistic fantasy; thinking that success is a purely individual search. Group identity, solidarity, trust, cooperation, and responsibility provide the platform for people to achieve economic success. This is why Africans are at the bottom of the economic heap wherever we live, despite the Oprahs, Bob Johnsons, athletes, artists, etc.

TIPS

o Shop Black (to the extent possible) – Check your shopping list and see how much spending you can transfer to a Black-owned business.

o Learn about the ‘Local Multiplier Effect’: Do a web search of the New Economics Foundation, where you can find information on how to fill in the holes in our economic bucket.

o Go shopping with a list – 70% of purchases are spontaneous.

o Create a family budget and review it regularly.

o Stop and count to 20 before making a spontaneous purchase – see your bank balance decrease as money leaves your account.

o Understand the difference between wealth and income: High income and wealth are not necessarily synonymous. A basic definition is that wealth = assets – liabilities

o Learn more about the concept of ‘residual income’

o Change mortgage provider, utility provider, etc. regularly to get the best deal – most people are more likely to get divorced than to change mortgage providers

o Save for a hurricane, not just a rainy day

o Balance your investments between high-, medium-, and low-risk investments: For a 35-year-old, the balance should be about 35 : 35 : 30. As you age, your investment balance should move toward a higher ratio of investments lower risk.

o Read books, websites, etc. that will teach you about financial education and economic relations between different groups of people.

o Teach your kids financial literacy: open a (high-interest) savings account as soon as they’re born. Encourage them to save most of their pocket money. If you can afford it, match what they have saved at the end of the year. Discuss your household budget with your kids (when they’re old enough) so they understand there’s not an unlimited supply of hole-in-the-wall money!

o Don’t rack up debt by buying depreciated assets, eg cars, electronics, designer clothes, etc.

o Participate in some form of collective financial investment, eg Pardner, ABDF Ltd (www.abdf.co.uk), credit union, etc.

o Give money regularly to good causes that empower Africans

o Remember, the economy is a game of us as well as a game of me, meaning groups that invest in their own communities are economically strong.

o Start Black at home economic charity!

o Think black, buy black, to get us on our way!

Recommended reading: BluePrint for Black Power by Amos Wilson, Black Economics by Jawanza Kunjufu, Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter, Think and Grow Rich a Black Choice by Dennis Kimbro and Napoleon Hill, How Europe Under Developed Africa by Walter Rodney , Powernomics by Claude Anderson, http://www.moneysavingexpert.com

6242 (September 2006) Kemetic Calendar